Monday, September 12, 2011

Funding of the American Jobs Act

President Obama would fund his $447 billion plan to create jobs largely by raising taxes on wealthier families, White House aides said Monday after the president again called on Congress to support the package.

During a Rose Garden appearance, Obama pledged to send Congress the American Jobs Act on Monday evening when the legislative body resumes its session. Aides revealed for the first time that the plan will include limits on itemized deductions for individuals who earn more than $200,000 a year and families that earn more than $250,000.

Eliminating those deductions will bring in an additional $400 billion in revenue, said Jack Lew, director of the Office of Management and Budget.

Hmm...so, apparently it isn't all paid for, is it? Let me look into my crystal ball: the Republicans will oppose this because they want to cut spending rather than increase taxes, and President Obama will use that refusal as a major theme for his reelection campaign, and blame the state of the economy on the Republicans in Congress. Sound about right? I just want to know why we can't cut spending? You don't go to your boss and ask for a raise when you get into debt -- you cut your spending and live on ramen noodles and shop at Goodwill. Why is the government so different?